Sahara India

ARTICLES ABOUT SAHARA INDIA BY DATE - PAGE 3

KOLKATA: Sahara India , which has diversified interests, had plans to invest in West Bengal , its chief Subroto Roy said. "We plan to set up a 500-bed hospital and a medical college near Sonarpur in South 24 Parganas," Roy told reporters here. Stating that the investment involved was Rs 400 crore, Roy said that the company needed 500 acre and had already started buying. "We are also interested in a good tourism project in the state. We have earmarked land close to Kolkata ," he said.

LUCKNOW: The FMCG and retail arm of Sahara India group, branded as 'Q Shop' is expected to grow into a Rs 12,000 crore business in the next four years and would drive a major part of the groups overall revenues, said Sahara India chief Subrata Roy . The para banking to real estate group, Sahara India launched Q Shop last year to provide high quality unadulterated products and has grown into 1,057 exclusive shops in 425 cities....

NEW DELHI: They say playing polo is like golfing through an earthquake. The golden quote might give you an idea just about how popular polo - imagine men leaning down from horsebacks, trying to reach a ball the audience can't spot, the vista liberally garnished with dirt and flying sand - is among the general public. Enter a new bunch - actors, event managers, businessmen, even politicians - this reserve of royalty and defence forces may get a new lease of life. Leading the herd is Bollywood star Randeep Hooda who wants to float his own team.

LUCKNOW: The Republic of Macedonia government and Sahara India Pariwar, organised the first ever 'Sahara Balkan Peace Festival' in Skopje, Macedonia. The two day festival was organised as part of celebrations to mark the birth anniversary of Mahatma Gandhi. The event is aimed at bringing Balkan countries on one platform to pledge for World peace and will be organized every year in one of the Balkan countries on rotation basis, said a Sahara India spokesperson. Former Prime Minister, UK, Tony Blair, Prime Minister of the Republic of Macedonia, Nikola Gruevski, diplomatic representatives of the World Bank , IFC as well as 8 countries including USA , UK, European Union , France, Qatar and Balkan countries like Croatia, Turkey Serbia, attended the first 'Sahara Balkan Peace Festival'.

MUMBAI: Sahara, which has been waging a bitter battle with the regulator, is now busy dealing with a large Chinese lender to hold on to its prized acquisition, Grosvenor House, the iconic London hotel. Bank of China, one of the big four state-owned commercial banks of the People's Republic, has taken close to a billion-dollar exposure against hotels Sahara owns in London and New York. Of this, the bank's total credit facility against Grosvenor is £305 million (or $476.83 million). The Chinese bank, sources said, has been asking questions about the possible outcome of the court feud between Lucknow-headquartered Sahara and capital market regulator Sebi.

NEW DELHI: When DLF Commercial Projects Corporation - a partnership firm in which India's largest real estate firm, DLF, held 74% - filed its income-tax returns in September 2009, declaring a loss of 20.1 crore, the assessing officer could not understand certain transactions. One such transaction was 3,717 crore received as advances by DLF Commercial from its parent, on which it paid no interest and invested this amount in more than 100 firms. The assessing officer ordered a 'special audit' - a relook at the company's accounts by an auditor appointed and paid for by the I-T department.

NEW DELHI: Sahara group chairman Subrata Roy should be punished for contempt along with the directors of two group companies for violating the Supreme Court's order to return Rs 24,000 crore to the stock market regulator, Sebi's counsel Arvind Datar has argued in the apex court. "Subrato Roy cannot escape liability now, saying he was not a director and was only a shareholder," Datar said during arguments on Sebi's contempt petition on Tuesday, quoting from documents submitted by Sahara India to the Registrar of Companies to show that Roy owned 70% stake in both Sahara India Real Estate Corporation and Sahara India Housing Investment Corporation.

NEW DELHI: The Supreme Court has asked Sahara India to explain by Tuesday why it failed to comply with its order to refund 24,000 crore collected from investors for finance schemes run by two group companies. A two-judge bench of the top court on Wednesday issued contempt notices to Sahara India Real Estate Corporation and Sahara Housing Investment Corporation for failure to refund the full amount through market regulator Sebi, as per its order last year. This is the second time contempt notices have been issued in this case on the Subrata Roy-promoted companies.

NEW DELHI: Unable to verify or trace a large number of bondholders in Sahara refund case, Sebi has begun a process to consult the business conglomerate for verifying the genuineness of such investors. Sahara group, on its part, has said that it would fully cooperate with the market regulator to verify the credentials of its over three crore bondholders. Supreme Court had asked two Sahara firms -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL)

NEW DELHI: Sahara India has been slapped with a fine of Rs 50,000 by the apex consumer commission for failing to put in place a proper accounting system to keep track of the money invested by people in one of its schemes. "It is indeed a sad state of affairs where the petitioner was taking money for the scheme launched by them (Sahara) for the benefit of the customers and they failed to put in place a proper accounting system to support this scheme," the National Consumer Disputes Redressal Commission (NCDRC)